Performance-related pay awards of €2.05m were made to 200 employees of the National Treasury Management Agency (NTMA) last year, a report by the Comptroller and Auditor General has found.

€200,000 of this was made to seven members of the Executive Management Team.

The chief executive did not receive a performance-related payment. 

The report also remarks on a voluntary redundancy scheme at the NTMA last year.

Under the scheme, 33 people left the organisation.

Redundancy payments of €2.5m were incurred and €100,000 for 'gardening leave.' 

10 posts were subsequently left unfilled.

12 posts were filled at a lower annual cost and 11 posts were filled at the same or higher cost. 

The report notes that the NTMA stated that the costs of the redundancy scheme would be recouped in two and a half years from annual savings of €1m in staff costs.

However, the auditor noted "…the examination team has not seen any evidence of a report to the NTMA Board documenting the actual savings resulting from the redundancy scheme."